User 120861

Washington Mutual Busted: Too Early to Bottom Fish the Sector

the mortgage industry is set up for failure. all the laws, ethic requirements, oversight etc... is hogwash. the fact is that currently companies like the one mentioned in this article are even making it worse. appraisal management companies are set up soley to make it look like mortgage originators who use them are trying to weed out appraisal fraud.

i have seen first hand that these mgt. companies also pressure appraisers on value while at the same time hire only the hungriest of appraisers to work at 1/2 their normal wages and turn the reports around in half the normal time. really gonna get some solid appraisals under those circumstances aren't we?


to user 53943: i severly doubt your individual refinance appraisal came in at 250% of real market value. could have been that you didn't know the value of your own home in a market gone crazy and the appraiser also stretched the value.

in your defense i will say as an appraiser with 15 years experience that this business is overun with never ending pressure to "make the loan work". i am disgusted with this profession and most people in it. the only reason why i've lasted this long is that i had found a mortgage broker who applied very little pressure on me. but as honest mortgage brokers go he is virtually out of business because he looses a substantial amount of business to the "ive got a better deal" type brokers. they will get "their" appraiser to over appraise property thus helping the borrowers achieve a better LTV and qualify for better loan terms.